Beginner tips for a SINK

[DMFA]

I Find This Humerus wrote:

To clarify I am single and have no plans of ever getting married or having kids. So what should I do?

Click to expand...

What should you do? ...whatever you please! You're not obligated to anyone but yourself! You don't have to run your spending by anyone or meet anyone else's expectations.

Do you want to retire when you're 40? Work a lot, rent a cheap apartment (or buy a cheap condo, whatever) and enjoy your relative youth. Hey, you could even not actually "live" anywhere and just go from locum to locum. Get your mail sent to your parents' house or something.

Or get a swanky upscale condo and lease an AMG. Go vacationing in exotic areas. Sure, you'll be wasting money, but...do you need to retire early? You don't need to bequeath an estate or save for college, and as long as you save enough to retire at some point...what's all this money even for, anyway?

[AR]

I Find This Humerus wrote:

To clarify I am single and have no plans of ever getting married or having kids. So what should I do?

Click to expand...

Well I think the standard answer in this case is hookers and blow.  Not that there is anything wrong with that, but feel free to substitute whatever else you happen to be into.

I'm only partially joking.  But the answer to your question (i.e., what you should do differently) is that you can spend way more freely.  Your expenses are going to be lower and the amount you require to retire is way less.    So travel, save up and retire early or if you have any expensive hobbies or interests, then indulge in those.  It's almost impossible for you to mess this up.

[HandFellow]

I find it interesting that the OP in another thread started a post as such:

"I am now in the market shopping for my first home for just myself and my wife."

Not that it really matters, but these seem to be contradictory statements when s/he states there is no plans to ever have kids or get married.  Maybe a recent divorce?  No clue.

Really, it makes it quite simple.  You don't even need life insurance.  I imagine I would feel inclined to work a lot less if I had no one depending on me and my income.

[wideopenspaces]

HandFellow wrote:

I find it interesting that the OP in another thread started a post as such:

“I am now in the market shopping for my first home for just myself and my wife.”

Not that it really matters, but these seem to be contradictory statements when s/he states there is no plans to ever have kids or get married.  Maybe a recent divorce?  No clue.

Really, it makes it quite simple.  You don’t even need life insurance.  I imagine I would feel inclined to work a lot less if I had no one depending on me and my income.

Click to expand...

Yeah I remembered this as well. Kind of odd . . .

[I Find This Humerus]

DMFA wrote:

I Find This Humerus wrote:

To clarify I am single and have no plans of ever getting married or having kids. So what should I do?

Click to expand…

What should you do? …whatever you please! You’re not obligated to anyone but yourself! You don’t have to run your spending by anyone or meet anyone else’s expectations.

Do you want to retire when you’re 40? Work a lot, rent a cheap apartment (or buy a cheap condo, whatever) and enjoy your relative youth. Hey, you could even not actually “live” anywhere and just go from locum to locum. Get your mail sent to your parents’ house or something.

Or get a swanky upscale condo and lease an AMG. Go vacationing in exotic areas. Sure, you’ll be wasting money, but…do you need to retire early? You don’t need to bequeath an estate or save for college, and as long as you save enough to retire at some point…what’s all this money even for, anyway?

Click to expand...

Ha! I like the way you think. But I do like to be financially responsible. So I meant more along the lines of what should I do differently compared to the standard physician with a spouse, 2 kids, and a golden retriever.

[I Find This Humerus]

AR wrote:

I Find This Humerus wrote:

To clarify I am single and have no plans of ever getting married or having kids. So what should I do?

Click to expand…

Well I think the standard answer in this case is hookers and blow.  Not that there is anything wrong with that, but feel free to substitute whatever else you happen to be into.

I’m only partially joking.  But the answer to your question (i.e., what you should do differently) is that you can spend way more freely.  Your expenses are going to be lower and the amount you require to retire is way less.    So travel, save up and retire early or if you have any expensive hobbies or interests, then indulge in those.  It’s almost impossible for you to mess this up.

Click to expand...

I still would like to know how/where to invest. How much? etc. ETF's, bitcoin, etc.

[I Find This Humerus]

HandFellow wrote:

I find it interesting that the OP in another thread started a post as such:

“I am now in the market shopping for my first home for just myself and my wife.”

Not that it really matters, but these seem to be contradictory statements when s/he states there is no plans to ever have kids or get married.  Maybe a recent divorce?  No clue.

Really, it makes it quite simple.  You don’t even need life insurance.  I imagine I would feel inclined to work a lot less if I had no one depending on me and my income.

Click to expand...

Well played. Newly single and loving it, how's that without getting too personal? Should edit that prior thread to fiance instead of wife.

[Hatton]

You will accumulate wealth very quickly.  You have no 529s to fund.  You will probably buy a much smaller house.  You will become financially independent at a young age. Take your time and read the books Vagabond suggested.

[Hank]

I Find This Humerus wrote:

I still would like to know how/where to invest. How much? etc. ETF’s, bitcoin, etc.

Click to expand...

All in on bitcoin.  Nothing but bitcoin.

On second thought, you may want to diversify.  I'd add Dogecoin and Etherium to the mix. :mrgreen:

[I Find This Humerus]

Hank wrote:

I Find This Humerus wrote:

I still would like to know how/where to invest. How much? etc. ETF’s, bitcoin, etc.

Click to expand…

All in on bitcoin.  Nothing but bitcoin.

On second thought, you may want to diversify.  I’d add Dogecoin and Etherium to the mix. 

Click to expand...

Ah crap! I went all in on Ripple and Cardona and BigSexyCoin. Ok, the last one I made up.

[DMFA]

Hank wrote:

I Find This Humerus wrote:

I still would like to know how/where to invest. How much? etc. ETF’s, bitcoin, etc.

Click to expand…

All in on bitcoin.  Nothing but bitcoin.

On second thought, you may want to diversify.  I’d add Dogecoin and Etherium to the mix. 

Click to expand...

I bought eleventy billion of these.

[AR]

I Find This Humerus wrote:

AR wrote:

I Find This Humerus wrote:

To clarify I am single and have no plans of ever getting married or having kids. So what should I do?

Click to expand…

Well I think the standard answer in this case is hookers and blow.  Not that there is anything wrong with that, but feel free to substitute whatever else you happen to be into.

I’m only partially joking.  But the answer to your question (i.e., what you should do differently) is that you can spend way more freely.  Your expenses are going to be lower and the amount you require to retire is way less.    So travel, save up and retire early or if you have any expensive hobbies or interests, then indulge in those.  It’s almost impossible for you to mess this up.

Click to expand…

I still would like to know how/where to invest. How much? etc. ETF’s, bitcoin, etc.

Click to expand...

Like I said it doesn't matter.  Anything reasonable will work out fine.  You don't have to do anything different from a DINK:

1. Use all your tax deferred space.  Don't really need to think about 529s unless you have a specific use in mind.

2. Just stick the rest in a taxable account

3. Any reasonable allocation is fine.  You could just stick everything in a targeted retirement account. If you want to diversify and put some it real estate, that's fine too.   The possibilities are endless.  Just avoid anything obviously stupid and you'll be fine.

The only difference is that you can comfortably spend more, if you desire. Unless you have a real spending problem, you'll have more money than you know what to do with.

 

By the way, now that you're newly single, what's happening with the house?  Glad to hear that it was fiance and not wife.  You dodged a bullet there.

[Hank]

I Find This Humerus wrote:

Hank wrote:

I Find This Humerus wrote:

I still would like to know how/where to invest. How much? etc. ETF’s, bitcoin, etc.

Click to expand…

All in on bitcoin.  Nothing but bitcoin.

On second thought, you may want to diversify.  I’d add Dogecoin and Etherium to the mix. 

Click to expand…

Ah crap! I went all in on Ripple and Cardona and BigSexyCoin. Ok, the last one I made up.

Click to expand...

There's a good chance that launching BigSexyCoin would be your quickest road to riches.

As a single, high income earner, you don't have a spousal IRA, deductions and credits for wife and kids, etc.  Then again, you don't need a five bedroom house if you don't want it.  You don't need to pay for diapers, private school, equestrian lessons and stable fees, and all the other wants and needs that family would present.

Divorce, alimony, and child support present far greater financial risks than a recession or a malpractice suit that exceeds your med-mal limits.  Consider this a bullet dodged and press ahead.

[Craigy]

Yeah I don't think SINK is a thing.  Single income is pretty standard across households.  Plus it's too ambiguous... single income implies that you are married with a nonworking spouse.  Best term is probably just "single."

DINK is a term to describe a relatively unusual but wonderful economic family unit where there are two incomes and no kids.  Aka living the dream.  Seems like a disproportionate amount of gay guys in this category.  Probably the biggest economic powerhouse physician couples will be male-male DINKs since their likelihood of keeping alive both the 1) duality of income and 2) no kids parts of the equation are each tremendously higher.

Yeah, advice for a single person is like DFMA said on the first page, work as much as you can.  Make and save as much as possible while you still can.  As soon as you have another person living in your household, let alone children, not only will you not be able to put in nearly as many hours, but you'll also have double (triple, quadruple++ when kids arrive) the amount of people spending the same (or perhaps now smaller due to less work) pot of money.

[I Find This Humerus]

AR wrote:

I Find This Humerus wrote:

AR wrote:

I Find This Humerus wrote:

To clarify I am single and have no plans of ever getting married or having kids. So what should I do?

Click to expand…

Well I think the standard answer in this case is hookers and blow.  Not that there is anything wrong with that, but feel free to substitute whatever else you happen to be into.

I’m only partially joking.  But the answer to your question (i.e., what you should do differently) is that you can spend way more freely.  Your expenses are going to be lower and the amount you require to retire is way less.    So travel, save up and retire early or if you have any expensive hobbies or interests, then indulge in those.  It’s almost impossible for you to mess this up.

Click to expand…

I still would like to know how/where to invest. How much? etc. ETF’s, bitcoin, etc.

Click to expand…

Like I said it doesn’t matter.  Anything reasonable will work out fine.  You don’t have to do anything different from a DINK:

1. Use all your tax deferred space.  Don’t really need to think about 529s unless you have a specific use in mind.

2. Just stick the rest in a taxable account

3. Any reasonable allocation is fine.  You could just stick everything in a targeted retirement account. If you want to diversify and put some it real estate, that’s fine too.   The possibilities are endless.  Just avoid anything obviously stupid and you’ll be fine.

The only difference is that you can comfortably spend more, if you desire. Unless you have a real spending problem, you’ll have more money than you know what to do with.

 

By the way, now that you’re newly single, what’s happening with the house?  Glad to hear that it was fiance and not wife.  You dodged a bullet there.

Click to expand...

Still in the market for a house. Was never interested in a giant McMansion so still deciding between buying new construction vs used. I'd rather build equity in a house than rent.

New construction comes with a bunch of malarkey that nickel and dimes you like a lot premium and fancy cabinets and drawers which at the core bothers me. Hate paying for things that are a scam and everyone knows are overpriced.